Title: Nasdaq Composite Index Smashes New Record High Amid Surging Tech Stocks and Progress on Inflation
The Nasdaq composite index reached new heights on Thursday afternoon, marking a significant milestone with its closing price of 16,091.92. This figure surpassed its previous closing high of 16,057.44, which was achieved in November 2021 during the robust post-Covid economic expansion before the Federal Reserve initiated rate hikes.
Thursday’s record-breaking moment was accompanied by a surge in tech stocks, particularly those of chipmakers and artificial intelligence companies. Moreover, encouraging news regarding inflation progress emerged, as the Personal Consumption Expenditures price index (PCEPI), the Federal Reserve’s preferred measure of inflation, showed a 2.4% increase for the 12-month period ending in January. This was a deceleration from December’s 2.6% rise, as indicated by data released by the Commerce Department on Thursday.
As investors digested this information, they continued to grapple with the Federal Reserve’s current stance on interest rates, which remain at a 23-year high. At present, the Fed shows no signs of cutting rates anytime soon, leaving many market observers and analysts pondering the future direction of the economy and the stock market.
This is a developing story and will be updated as new information becomes available.
Header 1: Nasdaq Composite Index Breaks Record High Amid Tech Surge and Inflation Progress
Header 2: Federal Reserve Holds Rates at 23-Year High, No Signs of Cutting Soon
Header 3: Chipmakers and artificial intelligence Stocks Drive Nasdaq’s Record Run
Header 4: Inflation Progress Slows Down, PCEPI Reaches 2.4% Increase for the Year
Header 5: Post-Covid Economic Boom and the Future of the Stock Market in the Context of Fed’s Rate Policies.
